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Financial Advisor

Discussion in 'Business Operations' started by Mowman99, Feb 1, 2007.

  1. Mowman99

    Mowman99 LawnSite Member
    Messages: 38

    How many of you have ever used one to see if your business is running a profitable as it should be or help you become more profitable?
  2. Envy Lawn Service

    Envy Lawn Service LawnSite Fanatic
    Messages: 11,087

    When I sold out in the late 90's I went into that field for a while as a full service financial professional.

    That being said... yeah I recommend everyone do it.

    It will help you learn a lot about your business, a lot about yourself, and also a lot about what you can do to improve the finances of both.
  3. Tony Clifton

    Tony Clifton LawnSite Senior Member
    Messages: 865

    I dont care how smart you are, or how much you think you know about your business, these guys know what to look for, and what you can improve on.
  4. Az Gardener

    Az Gardener LawnSite Gold Member
    Messages: 3,899

    I have used many different sources for this.

    A childhood friend who is a senior financial annalist for Intel he has produced some cool calculators for me to help me test ideas on paper quickly. But he is just not geared to contractor type of work I 'm sure if he spent some time in it he would be very helpful.

    I have also used the E-myth coach and again good for general information.

    The best information I have received is from a contractor in the same field. I called him up set an appointment brought my laptop with quickbooks he dissected my information showed me what percentages I should be shooting for in labor-48% and materials-26-31%. Made some suggestions for setting up my chart of accounts better and this all took about an hour and a half. I will end up taking him and his wife to dinner at a very nice restaurant in a couple of weeks. Good trade.

    Unless you are dealing with someone who is familiar with your industry and to some extent your area too. I think you will end up with someone regurgitating what is written in most accounting textbooks.

    I should also point out I used a Quickbooks consultant to set up my chart of accounts in the beginning. Without industry background she was not very good. She knew quick books but not landscape maintenance.

    In the end the accounting is just keeping score. To change the score you need to make changes in the field and no accountant can help you with that.

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